As Shiba Inu (SHIB) continues to see a drop in the number of holders, it has also seen a substantial reduction in the number of transactions on the network.
The DeFi meme token had previously been facing a continuous decline in on-chain transactions for four consecutive months up until March.
Data acquired by Finbold reveals that the total number of SHIB transactions decreased considerably from 2,666,943 in Q4 2021 to 870,164 in Q1 2022, according to statistics from blockchain analytics website bloxy.info.
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Specifically, the number of SHIB transactions between the two quarters suggests there was a drop of -67.37% in the transfer count.
Is interest in SHIB on the wane?
This is a continuation of the tale that began in November, when the number of on-chain transactions for this cryptocurrency reached 802,183, later resulting in a 40.77% fall in the month following.
In October 2021, the total number of SHIB transactions reached an all-time high of 1,389,603, which indicates that the scenario as of April is strikingly different.
Although recent data shows that Shiba Inu Coin still ranks the fourth most searched cryptocurrency in the United States in states including in New York, Texas, California, and Nevada, the number of holders also continues to decline.
Finbold reported SHIB lost over 60,000 holders in two weeks on March as demand for the token dwindles, and that number continues to decrease as things stand.
SHIB price analysis
Currently, Shiba Inu is trading at $0.00002517, down 0.98% in the last 24 hours and 8.86% over the last week.
As things stand, the total market worth of the meme token is $13.8 billion, making SHIB the 15th-largest cryptocurrency by market cap.
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